80% LTV BUY TO LET
That’s right! Metro Bank now offer buy to let purchase and remortgage products up to a maximum of 80% LTV. They have also decreased their 5 year fixed stress rate to 3.5% at 140% of the mortgage interest calculated for loans up to 75% LTV and no longer require income proof for self-funding buy to lets.
Buy to Let enhancements
NEW – 80% LTV products with rates starting from 3.29%, maximum loan size of £500,000.
NEW – 5 year fixed stress rate 3.5% at 140% – of the mortgage interest amount calculated for loans up to 75% LTV, 4.5% at 140% of the mortgage interest amount calculated for loans above 75% LTV – download their Rental Criteria Guide here.
NEW – No longer require income proof for self-funding buy to lets.
NEW – They have reduced their 5 year fixed rates with rates now starting from 2.29%.
NEW – Available on New Build on both houses and flats up to 80% LTV.
Buy to Let highlights
No minimum income requirement.
Maximum age of 85 (mortgage term based on the oldest applicant).
Up to 4 unrelated applicants on the mortgage can be considered.
Capital and interest / interest only repayment options available.
Portfolio landlords accepted – maximum of 5 properties with Metro Bank (under £5m aggregated debt), maximum of 10 properties in total.
Use their Buy to Let calculator to find out how much your customer could borrow.
For full details on the points above, please refer to their Mortgage Lending Criteria Guide and Product Guides.
Download their updated Packaging Checklist.